Daily Market Reflection

Size: px

Start display at page:

Download "Daily Market Reflection"

Stanley Anderson
5 years ago
Views:

Daily Market Reflection Commodity Market Outlook Gold prices rebounded on Tuesday as risk appetite faded after getting a boost from an agreement between the United States and Canada to salvage a

1 Daily Market Reflection Commodity Market Outlook Gold prices rebounded on Tuesday as risk appetite faded after getting a boost from an agreement between the United States and Canada to salvage a North American free trade deal. Optimism surrounding a last-minute deal between the United States and Canada on Sunday to salvage NAFTA as a trilateral pact with Mexico had increased the appetite for riskier assets on Monday. The Fed raised rates last week and said it planned four more increases by the end of 2019 and another in 2020, citing steady economic growth and a robust jobs market. Meanwhile, holdings in the world s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.28 percent to tonnes on Monday. Rising output from Russia -- and from OPEC partner Saudi Arabia -- hasn t stopped oil prices from surging to an almost four-year high as losses from Iran boost supply concerns even before U.S. sanctions take effect in November. Russian Energy Minister Alexander Novak is set to meet his Saudi counterpart Khalid Al-Falih in Moscow this week during an energy conference. The pair will meet after King Salman bin Abdul-Aziz of Saudi Arabia had a phone conversation with U.S. President Donald Trump at the weekend on maintaining stable oil supplies. Fundamental News Gold Price Outlook: Risk Off Tone Helping Gold Prices Russian Oil Output Rises to Record as OPEC Cuts Rolled Back EURGBP Exchange Rate Falters on Threat of Italian Euro Exit Pound Sterling to Euro Falls on Construction Slowdown despite EU s Italy Budget Woes COMEX Commodities Date Date Event Calendar (03 rd October , Wednesday) % Chg GOLD % SILVER % CRUDE % COPPER % Time Currency Event Forecast Previous 02:00 USD API Crude Oil Stock 2.903M 13:30 EUR Markit Composite PMI (Sep) :00 GBP Services PMI (Sep) :45 USD ADP Nonfarm Employment Change (Sep) 187K 163K 19:30 USD ISM Non-Manufacturing PMI (Sep) :00 USD Crude Oil Inventories 1.132M 1.852M COMEX GOLD 03 rd October 2018 Global Commodities & Currencies Commodities/ Currencies Close 5 PM Previous % Chg LEAD % ALUMINIUM % ZINC % NATURALGAS % PALLADIUM % PLATINUM % GBPUSD % EURUSD % USDJPY % EURJPY % GBPJPY % GBPCHF % USDCHF % USDCAD % EURGBP % CHFJPY % EURCHF % AUDUSD % EURAUD % GBPAUD % OUR PREVIOUS CALLS UPDATE Intraday super star Date Currency Entry Exit P/L 01/10 CADCHF(L) SL HIT Trifid special Date Commodity Entry Exit P/L 01/10 CRUDE(L) TARGET For our next calls click here..

COMEX Overview GOLD SILVER Gold prices started the day on a positive note moving higher Silver prices are trading sideways in today s

It may but could not move above its resistance at $1195 and moved continue to trade range bound as it lacks the momentum to lower.

62 while it is may get good support at the lower levels near $1187. getting good support at the lower levels near $14.33 level.

20 CRUDE COPPER Crude oil prices moved sharply up in the previous session closing above $75 level.

2 COMEX Overview GOLD SILVER Gold prices started the day on a positive note moving higher Silver prices are trading sideways in today s session. It may but could not move above its resistance at $1195 and moved continue to trade range bound as it lacks the momentum to lower. It is expected to trade range bound for the day as it move above its immediate resistance at $14.62 while it is may get good support at the lower levels near $1187. getting good support at the lower levels near $14.33 level CRUDE COPPER Crude oil prices moved sharply up in the previous session closing above $75 level. It is expected to continue its upward movement as it follows the strong uptrend. If it breaks its immediate resistance at $75.90 then it may move further up. Copper prices are trading in a positive territory today. It is forming a flag pattern on daily level and a breakout may be near. Therefore we expect it to move higher in the near future and may break its resistance at level

Currencies Overview GBPUSD EURUSD The selling pressure around the pound remains unabated, The EURUSD extends its bearish momentum in the knocking-off

2940, as the risk-off sentiment remains the main handle amid widening Italy-Germany yield spread and underlying theme so far this Tuesday.

1550 1.1590 1.1500 1.1450 USDCHF The pair is trading a few pips above a so far daily low of 113.

We expect some correction in coming days if not break 114.10.

3 Currencies Overview GBPUSD EURUSD The selling pressure around the pound remains unabated, The EURUSD extends its bearish momentum in the knocking-off the GBPUSD to the lowest level since Sept 10 European session, as the bears eye a break below near , as the risk-off sentiment remains the main handle amid widening Italy-Germany yield spread and underlying theme so far this Tuesday. For today, we expect firmer US dollar. We expect it can hold for today pound hold level. session USDJPY USDCHF The pair is trading a few pips above a so far daily low of , and the 40pips decline seems so far corrective, technical indicator retreated from extreme overbought territory, but hold above their midlines. We expect some correction in coming days if not break About USDCHF, market has a more risk-off feel this week, so it seems quite likely that the cluster of resistance levels near above starting at will hold. The longer the price fails to break above , the more likely there will be a retracement next down to at least the area

4 Intraday Super Star (Premium Section) EURJPY is taking correction because of US Dollar surge. We expect it will go up after this correction BUY EURJPY ABOVE TARGET / SL BELOW

5 Trifid Special (Premium Section) Crude oil prices are strongly bullish and may move further up if it breaks its resistance at $ BUY CRUDE OIL ABOVE TARGET SL BELOW 75.50

6 DISCLAIMER Trifid Research respects and values the Right to Policy of each and every individual. We are esteemed by the relationship and by becoming our clients; you have a promise from our side that we shall remain loyal to all our clients and non-clients whose information resides with us. This Privacy Policy of Trifid Research applies to the current clients as well as former clients. Below are the word by word credentials of our Privacy Policy: 1. Your information, whether public or private, will not be sold, rented, exchanged, transferred or given to any company or individual for any reason without your consent. 2. The only use we will be bringing to your information will be for providing the services to you for which you have subscribed to us. 3. Your information given to us represents your identity with us. If any changes are brought in any of the fields of which you have provided us the information, you shall bring it to our notice by either calling us or dropping a mail to us. 4. In addition to the service provided to you, your information (mobile number, ID etc.) can be brought in use for sending you newsletters, surveys, contest information, or information about any new services of the company which will be for your benefit and while subscribing for our services, you agree that Trifid Research has the right to do so. 5. By subscribing to our services, you consent to our Privacy Policy and Terms of Use. 6. Trifid Research does not guarantee or is responsible in any which way, for the trade execution of our recommendations, this is the sole responsibility of the client. 7. Due to the market s volatile nature, the trader may/ may not get appropriate opportunity to execute the trades at the mentioned prices and Trifid Research hold s no liability for any profit/ loss incurred whatsoever in this case. 8. It is the responsibility of the client to view the report timely from our Premium member section on our website: and the same will also be mailed to this registered id. 9. Trifid Research does not hold any liability or responsibility of delay in mail delivery of reports, as this depends on our mail service provider s network infrastructure. 10. The clients can call us for any query related to buying/selling the securities, based on our recommendations.

Daily Market Reflection

Daily Market Reflection Commodity Market Outlook Gold edged higher on Wednesday as the dollar weakened after the previous session's rally, though gains were seen as limited by a recovery in equity markets